dYdX Trading launches its public testnet for v4; set to go live on July 5th at 17:00 UTC

While cryptocurrencies like Bitcoin and Ethereum continue to surge in popularity, a growing crypto trend that has received less attention is crypto derivatives. Just like traditional derivates, crypto derivatives are financial instruments that derive value from an underlying crypto asset.

Derivatives allow investors to take advantage of crypto volatility by enabling a buyer and a seller to enter into a contract to sell an underlying asset. However, given that derivatives trading is not as mainstream as spot trading, there are not many platforms offering the services.

One of the most popular derivates platforms is dYdX, a decentralized exchange (DEX) designed for trading crypto derivatives, founded in 2017 by Antonio Juliano, a former Coinbase software engineer and Uber engineer Antonio Juliano. Backed by Paradigm, a16z, and Polychain, dYdX is currently the world’s number one DEX by trading volume (in the past 24 hours).

Today, dYdX Trading, the owner of the dYdX exchange announced that the launch of its public testnet for v4 Milestone 4 is set to go live on July 5th at 17:00 UTC.

“We are thrilled to announce that the dYdX Chain public testnet is set to launch on 7/05/2023 at 17:00 UTC! 🚀🥳,” dydX said in a post on Twitter.

https://twitter.com/dYdX/status/1674124130462109699

According to the company’s blog post, Milestone 4 signifies the completion of features necessary for the dYdX public testnet launch, which will include a larger number of over 40 validators running its software. The dYdX Trading also that the testnet will include Bitcoin and Ethereum markets, providing users with a chance to experience the platform’s capabilities.

However, as the network undergoes upgrades, the Trading anticipates the open-source software to include approximately 30+ markets, expanding the range of opportunities for participants.

The dYdX Trading said that the core flows will be available for user testing via integrations, APIs, websockets, and the web frontend. The frontend will be available on July 5th. Interested testers can connect their wallet, generate private keys, and request testnet funds via faucet.

During the public testnet phase, users will be directed to obtain testnet USDC primarily from a faucet managed by dYdX Trading Inc. This allows users to access the testnet environment and explore the platform’s functionalities, dYdX Trading explained in the blog post.

As the testnet progresses, additional feature releases will be introduced, offering users the opportunity to experiment with bridging mechanics from other blockchain networks. These advancements will enhance the testing capabilities and provide users with a more comprehensive experience on the platform.

Meanwhile, over the span of a few years since its inception, dYdX has rapidly emerged as one of the leading decentralized exchanges (DEXs) catering to high-level trading. With an impressive total value locked (TVL) exceeding $400 million and daily trading volumes consistently reaching billions of dollars, dYdX has firmly established itself as a prominent player in the decentralized trading space.

Notably, dYdX has made its platform accessible to a global audience by offering support in nine different languages. Users can access the platform and interact with its features in languages such as English, Portuguese, Japanese, French, Spanish, and Turkish, among others. This multilingual approach ensures that traders from various regions and linguistic backgrounds can effectively engage with the dYdX platform.